Has the Australian Gold Industry valuation changed over the past few years?

Investors are pessimistic on the Australian Gold industry, indicating that they anticipate long term growth rates will be lower than they have historically. The industry is trading at a PE ratio of 19.9x which is lower than its 3-year average PE of 47.9x. The industry is trading close to its 3-year average PS ratio of 4.2x.

How does Australian Gold compare with similar industries?

There are no additional sub-industries under this industry.

Australian (ASX) Gold Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 23 Jul 2026	AU$136.2b	AU$32.7b	AU$6.8b	10.9x	19.9x	4.2x
Sat, 20 Jun 2026	AU$147.9b	AU$32.7b	AU$6.8b	12.9x	21.7x	4.5x
Mon, 18 May 2026	AU$151.2b	AU$32.4b	AU$6.7b	14.5x	22.6x	4.7x
Wed, 15 Apr 2026	AU$162.7b	AU$32.2b	AU$6.6b	16.1x	24.7x	5x
Fri, 13 Mar 2026	AU$168.4b	AU$31.1b	AU$6.2b	24.6x	27x	5.4x
Sun, 08 Feb 2026	AU$167.5b	AU$26.3b	AU$4.6b	28.6x	36.8x	6.4x
Tue, 06 Jan 2026	AU$165.2b	AU$26.4b	AU$4.6b	26.6x	36.1x	6.3x
Thu, 04 Dec 2025	AU$154.0b	AU$26.4b	AU$4.6b	25.4x	33.7x	5.8x
Sat, 01 Nov 2025	AU$139.9b	AU$26.4b	AU$4.6b	24.3x	30.5x	5.3x
Mon, 29 Sep 2025	AU$133.7b	AU$26.3b	AU$4.7b	18.8x	28.6x	5.1x
Wed, 27 Aug 2025	AU$110.3b	AU$25.2b	AU$4.8b	15.2x	23.2x	4.4x
Fri, 25 Jul 2025	AU$100.3b	AU$22.1b	AU$3.1b	17.5x	32.5x	4.5x
Sun, 22 Jun 2025	AU$102.7b	AU$22.3b	AU$3.1b	19.1x	33.3x	4.6x
Tue, 20 May 2025	AU$97.1b	AU$22.3b	AU$3.1b	20.4x	31.3x	4.3x
Thu, 17 Apr 2025	AU$98.0b	AU$22.2b	AU$3.0b	19.8x	32.2x	4.4x
Sat, 15 Mar 2025	AU$82.1b	AU$22.2b	AU$3.1b	19x	26.8x	3.7x
Mon, 10 Feb 2025	AU$82.1b	AU$18.6b	AU$1.8b	20.3x	44.7x	4.4x
Wed, 08 Jan 2025	AU$71.0b	AU$18.6b	AU$1.8b	21.1x	39.2x	3.8x
Fri, 06 Dec 2024	AU$75.1b	AU$18.6b	AU$1.8b	21.8x	41.5x	4x
Sun, 03 Nov 2024	AU$77.5b	AU$18.5b	AU$1.8b	23.6x	43x	4.2x
Tue, 01 Oct 2024	AU$69.0b	AU$18.2b	AU$1.8b	21.9x	37.3x	3.8x
Thu, 29 Aug 2024	AU$65.1b	AU$17.6b	AU$1.4b	20.3x	47.3x	3.7x
Sat, 27 Jul 2024	AU$58.9b	AU$16.1b	AU$1.1b	22.4x	54.2x	3.7x
Mon, 24 Jun 2024	AU$57.6b	AU$16.1b	AU$1.1b	20.3x	53x	3.6x
Wed, 22 May 2024	AU$61.7b	AU$17.1b	AU$1.2b	22.1x	52.1x	3.6x
Fri, 19 Apr 2024	AU$60.0b	AU$17.2b	AU$1.2b	23.5x	49.8x	3.5x
Sun, 17 Mar 2024	AU$52.0b	AU$16.9b	AU$1.3b	18.2x	40.3x	3.1x
Tue, 13 Feb 2024	AU$48.4b	AU$15.3b	AU$279.1m	23.1x	173.3x	3.2x
Thu, 11 Jan 2024	AU$73.5b	AU$22.9b	AU$1.3b	23.3x	54.6x	3.2x
Sat, 09 Dec 2023	AU$74.3b	AU$22.9b	AU$1.3b	22.2x	55.1x	3.2x
Mon, 06 Nov 2023	AU$69.6b	AU$22.8b	AU$1.3b	22.1x	52.1x	3x
Wed, 04 Oct 2023	AU$66.2b	AU$23.0b	AU$1.4b	21.1x	48.7x	2.9x
Fri, 01 Sep 2023	AU$70.9b	AU$22.9b	AU$1.3b	19.3x	53.6x	3.1x
Sun, 30 Jul 2023	AU$69.9b	AU$22.3b	AU$551.9m	18.1x	126.6x	3.1x


AU Market	-0.32%
Materials	-1.41%
Metals and Mining	-1.25%
Gold	1.42%
Silver	4.70%
Precious Metals and Minerals	2.83%
Copper	-1.85%
Steel	-1.90%
Diversified Metals and Mining	-1.94%
Aluminum	-4.44%

Company	Last Price	7D	1Y	Valuation
EVN Evolution Mining	AU$11.57	5.2% +AU$1.2b	53.4%	PE17.7x
NST Northern Star Resources	AU$20.74	3.3% +AU$954.0m	27.5%	PE19.1x
RMS Ramelius Resources	AU$3.16	5.7% +AU$320.2m	12.9%	PE20.4x
PRU Perseus Mining	AU$5.04	5.0% +AU$318.5m	38.1%	PE13.1x
EMR Emerald Resources	AU$5.51	5.6% +AU$192.3m	46.5%	PE36.1x

Announcement • Jul 17

Golden Horse Minerals Limited Reports Exploration Drilling Results at Southern Cross Regional Prospects

Golden Horse Minerals Limited has reported additional assays from ongoing reverse circulation (RC) drilling and rock samples at various prospects within its Southern Cross Gold Project, located north and south of the town of Southern Cross in Western Australia. Exploration drilling at the Greenmount prospect has resulted in consistent high-grade intercepts with grades and widths appearing to increase at depth. An initial nine-hole RC drill program at Greenmount has returned exceptional gold mineralisation, with all holes returning significant intercepts including the following: 26GMRC006: 8m @ 16.3 g/t Au from 209m including 3m @ 37.6 g/t Au from 214m; 26GMRC004: 8m @ 8.6 g/t Au from 218m including 3m @ 20.9 g/t Au from 222m; 26GMRC005: 12m @ 5.2 g/t Au from 139m including 4m @ 11.9 g/t Au from 144m; 26GMRC008: 14m @ 2.08 g/t Au from 183m; 26GMRC003: 12m @ 2.1 g/t Au from 97m; 26GMRC007: 3m @ 7.62 g/t Au from 148m. Assays from all nine holes have successfully confirmed extensional mineralisation with exceptional intersections validating and defining mineralisation from historical RC drilling some +115m down plunge. Assays received to date confirm the +230m high-grade strike extension zone targeted at the Greenmount prospect, furthering the potential of continuity and down dip plunge extension of this historic mine with reported historical production of approximately 16,000 ounces Au to 1912 with mining limited to works above the water table. Immediately north of Golden Horse's drill area, Barto Gold Mining reported a 57,000 ounce gold mineral resource at their Greenmount prospect on 31 August 2024. Mineralisation at Greenmount is associated with the upper (hanging wall) contact of meta-sediments against a meta-mafic rock unit, which provides a consistent drill target for further deeper extensional drill testing. Observed mineralisation is associated with pervasive quartz veining related to assumed dilatational zones and associated pyrrhotite-arsenopyrite mineralisation, consistent with RC chips returned. RC drilling by the Company has extended mineralisation to +150m vertical depth, with consistent widths and grades including highlights of: 26GMRC006: 8m @ 16.3 g/t Au from 209m, 26GMRC004: 8m @ 8.6 g/t Au from 218m, and 26GMRC005: 12m @ 5.2 g/t Au from 139m. At the Withers prospect, located east of Bullfinch, grab sampling of historic stockpiles has confirmed high-grade mineralisation associated with quartz veining hosted within granite. Numerous +1.0 g/t Au assays returned, with a maximum grab sample grade of 15.08 g/t Au (sample WIM252). Following the Greenmount program, the RC rig completed a small program at the Bells and Lynette prospects targeting shallow mineralisation, with the majority of assays still pending. Resource definition drilling continues at Hopes Hill, with drilling testing the strike and depth extensions of the deposit in parallel with the current regional exploration activities underway. Assay results have been returned for all holes from Greenmount and Marionete, along with a comprehensive (over 150 grab samples) rock chip program from the Withers prospect, while the majority of assay results for the Bells/Lynette RC drilling are pending. First pass RC drilling has been completed for the Greenmount prospect, totalling nine holes for 1,780m. Assays received indicate sporadic zones of mineralised stockpiles, with the highest assay grade received in sample WIM252 which returned 15.08 g/t Au. In addition, there were a further 22 samples greater than 0.30g/t Au, highlighting the potential for further follow-up work activities associated with and around the Withers prospect with over 500m of historical workings representing higher priority areas for RC drill testing during 2026. Final Phase 2 RC drilling results from Marionete confirm down-dip continuity of gold mineralisation to approximately 130m vertical depth and identify additional parallel mineralised lodes. The Phase 2 program comprised 26 RC holes for 3,030m and was designed to follow up the successful maiden drilling campaign completed in 2025, which intersected multiple shallow high-grade gold zones associated with sedimentary iron formation (SIF). The program successfully confirmed the continuity of gold mineralisation beneath several significant Phase 1 intersections, extending the known mineralised system up to approximately 130m vertical depth within the central “Marionete corridor”. Significant results included: 26MARC008: 3m @ 1.24 g/t Au from 60m; 26MARC012: 3m @ 1.09 g/t Au from 43m; and 26MARC022: 2m @ 1.54 g/t Au from 69m. The drilling also improved the Company's understanding of the Marionete mineralised system, confirming that mineralisation is hosted within multiple steeply west-dipping to near-vertical mineralised SIF units. A previously unrecognised western mineralised lode was also identified during the Phase 2 drill program. While grades generally decreased with depth relative to the shallow high-grade intersections returned during Phase 1, the program achieved its primary objective of validating the geological model and confirming that mineralisation remains open at depth within the central “Marionete corridor”.

Australian (ASX) Gold Industry Analysis

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